The semi-solid or liquid form of petroleum is asphalt. It is also known as bitumen and is a gluey, black, and highly flammable substance. Asphalt is commonly found in natural deposits or as a refined product. Earlier the term asphalt was also known as asphaltum. Due to its sticky nature, asphalt is commonly used in the construction of road. Asphalt mixed together with concrete elements to obtain asphalt concrete is known as asphalt additive. Asphalt additive is used as an adhesive in the road construction. The asphalt additives are also used as waterproofing materials. Asphalt additives helps in reducing life cycle costs, stripping, cracking, permanent deformation, raveling, and pavement thickness.
The growth of asphalt additives market is attributed to the growth in construction industry. Also, the use of asphalt additives for waterproofing applications drives the market for asphalt additives. Huge capital investments in construction sector including both residential and non-residential buildings increases the demand for roofing materials, thereby increasing the demand for asphalt additives. Growth in construction activities owing to the 2018 FIFA world cup in Russia has created the demand for asphalt additives tremendously. Also, the increased road construction by governments in developing countries such as India, Turkey, Brazil, Argentina, Indonesia, Taiwan, UAE, Saudi Arabia, and parts of Africa positively influence the market for asphalt additives. Moreover, the use of asphalt additives has proven environmental benefits, as the emission of VOC content using asphalt additives is next to zero when compared to the other additives used in the market, thereby attracting the road contractors for the use of asphalt additives. The manufacturers of asphalt additives have enormous growth opportunity owing to the awareness about bio-based additives. LigniFame and Bioasphalt binder are few examples of bio-based asphalt additives. However, the extreme climatic condition is likely to hamper the growth of asphalt additives market. Also, the deprived quality of construction retards the growth of asphalt additives market. Lack of awareness in the developing economies regarding the enhanced properties of asphalt additives is most likely to limit the growth of asphalt additives market.
The asphalt additives market can be segmented based on type, application, and region. Based on type, the global asphalt additives market can be segmented into polymerized asphalt cement, novophalt, emulsifiers, multi grade asphalt cement, and polyester modifier. Novophalt segment accounted for the largest share in the asphalt additives market both in the terms of value and volume. The emulsifier segment is projected to witness growth during the forecast period due to its use in road construction activities. Based on applications, the market for asphalt additives can be segmented into road application, road paving, airport runway, parking lots, and roofing. Road construction application majorly dominated the asphalt additives market. The segment accounted for more than fifty percent share of the market in 2015. The demand is due to the growth in construction activities in the emerging economies. Also, the renovation of ancient buildings in the developed economies such as North America and Europe drives the market for road construction application.
Based on region, the asphalt additives market can be segmented into North America, Latin America, Europe, Middle East & Africa, and Asia-Pacific. The Asia-Pacific was the largest market for asphalt additives in 2015. Increasing investments by foreign companies; the strong industrial base in construction sector; growing production facilities; and increase in the living standards are some major factors contributing to the growth of asphalt additives market in this region. The Middle East & Africa region is projected to be the fastest growing market for asphalt additives during the forecast period. The growth is mainly due to the development of manufacturing which leads to the increased road construction activities.
Key players involved in the asphalt additives market are focusing on key market strategies including mergers and acquisitions with local as well as established players. Moreover, companies are also focusing on collaborating with local players to increase their reach across all geographies and earn huge profits. Partnership with multinational companies to strengthen their market reach and goodwill is also anticipated to be a major market strategy in the asphalt additives market. Some of the major players involved in the manufacturing and supply of asphalt additives include Akzo Nobel NV, Ingevity Corporation, Honeywell International, Inc., E. I. du Pont de Nemours and Company, and Evonik Industries.